Supply Up in Collier

Home supply was up in Collier County during the first quarter of 2016 according to the latest market statistics released by NABOR (Naples Area Board of Realtors).  Inventory increased 44 percent during the first quarter of this year when compared to the first quarter of last year.  With the added supply and season nearing its end, sellers are adjusting prices and becoming more flexible than they were at the beginning of season.  Properties are still moving quickly.  The average days on market continued to fall, down 12 percent for the quarter.

Overall closed sales fell 19 percent from 2,380 a year ago to 1,926 this year.  Pending sales also fell during the first quarter falling 23 percent from 3,628 a year ago to 2,768.  The one price category to see an increase in pending sales was single family homes between $500,000 and $1 million which grew 11 percent.  The slowdown in sales was due to the increased supply which had previously been tight.  As of the end of the quarter, there were 5,651 properties for sale versus 4,235 a year ago.

For the month of March, pending sales and closed sales fell 25 percent.  However, closed sales in the $500,000 – $1 million single-family home price category increased 34 percent to 90 homes in March 2016 from 67 homes in March 2015.

The overall median closed price increased 8 percent year-over-year with the biggest increase in condos in the $2 million and above price category which was up 18 percent from $2,405,000 last year to $2,837,000 this year.

Inventory increased 33 percent on the month.  Condos in the $1 million to $2 million price category saw the largest increase at 61 percent to 208 condominiums in March 2016 from 129 condominiums in March 2015.

March Highlights Year-Over-Year:

• Overall pending sales decreased 25 percent to 1,136 homes in March 2016 from 1,520 homes in March 2015.
• Overall closed sales decreased 25 percent to 794 homes in March 2016 from 1,063 homes in March 2015.
• Overall median closed price increased 8 percent to $323,000 in March 2016 from $300,000 in March 2015.
• Overall inventory increased 33 percent to 5,651 homes in March 2016 from 4,253 homes in March 2015.
• Average days on market decreased 4 percent to 76 days in March 2015 from 79 days in March 2015.

Are you considering buying a home in Naples?  Or perhaps Bonita Springs?  Let me be your guide.